Economic Advisory Council (EAC): The Government of India (GoI) recently constituted the seven-member Economic Advisory Council (EAC) to the Prime Minister (EAC-PM).
- The EAC-PM, on October 27, 2021was constituted after its tenure ended in the month of September 2021.
- This Council has been reconstituted under the current Chairman Bibek Debroy, for a period of 2 years.
- Former RBI deputy governor Rakesh Mohan, NCAER director-general Poonam Gupta and IIM-Ahmedabad professor TT Ram Mohan were appointed as new part-time members.
- The other part time members of the council include Debroy, Neelkanth Mishra, Sajid Chenoy and Neelkanth Mishra.
- While, V Anantha Nageswaran, dean of IFMR Graduate School of Business in Krea University, has been removed as member.
Responsibilities of the council:
- The Council will analyze any issue, economic or otherwise, referred to it by the Prime Minister and advise him.
- It will also address issues of macroeconomic importance and present views thereon to the PM.
- These responsibilities could be either suo-motu or on reference from the PM or anyone else.
- Council may attend to any other task, as PM will assign from time to time.
- The EAC-PM is an independent body was set up in September 2017 with a term of 2 years.
- It replaced the erstwhile PMEAC, which was headed by former RBI governor C Rangarajan during the terms of former Prime Minister Manmohan Singh.
- It was constituted to advise the government, especially the Prime Minister, on economic and related issues.
About Bibek Debroy:
- Bibek Debroy is an alumnus of Delhi School of Economics and Presidency College of Kolkata.
- He was a member of NITI Aayog from 2015 to 2019.
- He was conferred the Padma Shri in 2015.